Austinburg Township Fiscal Officer David Thomas testifies ahead of the Ohio House national Accountability and Oversight Committee on Ohio home Bill 123, made to protect customers from high rates of interest and charges on short-term or вЂњpaydayвЂќ loans, Wednesday in the Ohio Statehouse in Columbus.
Ohio home legislators heard hours of testimony this week on a bill to restrict interest that is astronomical and charges on short-term loans, igniting debate on whether вЂњpaydayвЂќ lenders offer required advances to underserved consumers or produce вЂњdebt traps.вЂќ
Austinburg Fiscal Officer David Thomas, user of this Ohioans for Payday Loan Reform Coalition, which formed to get Ohio home Bill 123, is certainly one proponent associated with the bill. He testified prior to the House Government Accountability and Oversight Committee Wednesday, through the billвЂ™s hearing that is second.
Citing research carried out by the non-governmental Pew Charitable Trusts, Thomas told the celebrity Beacon in September OhioвЂ™s typical rates of interest on payday advances will be the greatest into the nation вЂ” close to 600 per cent.